This sample Operating Agreement describes the rules by which the Members agree to govern the company. Modify to suit your needs.
Pllc Vs Llc In Illinois
State:
Texas
Control #:
TX-PLLC-1
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Texas Sample Operating Agreement For Professional Limited Liability Company PLLC?
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FAQ
While an LLC and PLLC both provide personal limited liability protection, a PLLC will not protect you from claims of malpractice or wrongdoing. However, a benefit of a PLLC is that the wrongdoing of one individual member does not create liability for other members.
Please be advised: Due to statute changes in Illinois for LLC, all businesses listed as LLC's providing professional services licensed by the Illinois Department of Financial and Professional Regulation (IDFPR) are now required to register as a Professional Limited Liability Company (PLLC) with the Illinois Secretary ...
While an LLC can be created to serve ?any legal purpose,? a PLLC is a type of LLC that provides licensed services. Typically, its members need to belong to the same profession, though there are some exceptions. A PLLC must serve a specific purpose: to provide services related to its member or members' profession.
The key difference between LLCs and PLLCs has to do with malpractice claims. As with a regular LLC, PLLC owners are shielded from personal liability for business debts and lawsuits, and they are not liable for malpractice committed by their business partners.
Illinois is unique in that it requires all PLLCs to not only register with the Secretary of State's office, but also with the Illinois Department of Financial and Professional Regulation (IDFPR). You'll have to submit your application online through the IDFPR Online Services Portal.